here’s what you’re looking for: martin bissett

today’s bissett bullet: “the cost of cloud-based software or automation tools is no longer prohibitive for smaller firms so if everybody is using them, how do you stand out?”

by martin bissett

if technology is readily available and at a cost that makes it viable for firms of any size, then what sets you and your practice apart from your competitors is the way in which you use the time that the technology saves you, to better support your clients.

today’s to-do:

estimate the amount of time you save in a week in comparison to before you upgraded to your current software. how much of that time do you spend reaching out to clients just to check on them or add value?

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today’s bissett bullet: “it is important to know the cost price of any given job.”

by martin bissett

it is not an exact science. you can calculate that cost with any given hourly recovery rate and however you see fit, but you need to know what it is. this is not to inform your pricing, but to inform what your break-even is. when you set your fees, they must never equate to less than cost or you are loss making, and unless there is significant long-term benefit to doing so on a short-term basis, you don’t want that.

sounds obvious, right? so how come so many accounting firms don’t get acquired because they don’t make any money?

today’s to-do:

if you were to be honest with yourself, how many prospective clients really do not want to change their accountant, and how many just did not see the reason to? now, on that basis with that reality confronted, be stronger in your next meeting with a prospective client.

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today’s bissett bullet: “who is sending new business your way and who isn’t but really ought to be?”

by martin bissett

a “center of influence” is someone who is well known and respected within their community or industry and as a result is a valued and trusted source of referral.

this may be a restaurant owner who knows everybody in the local area because they come through their door on a regular basis, or the head of your local chamber of commerce or networking group.

today’s to-do:

list two or three people who are influential in your local area that you don’t have a relationship with but you should, and get to know them. identify a mutual contact who could make an introduction or a local networking event where you might have an opportunity to speak with them.

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today’s bissett bullet: “be your client’s first, last and ultimate line of defense in making sure that their business and personal aspirations come to fruition.”

by martin bissett

the best hope of a business owner’s successful startup, project or even eventual exit remains in the hands of the most caring and proactive accountants.

very often you will be their only support. they carry the burden of ultimate responsibility for the financial security of their business, their team or their own family. show them that you understand, are invested in their success and are there to make that burden lighter. come to them with solutions that save them time, money and stress and you will cement your position as their most trusted advisor.

if your clients can sleep at night because you are there to guide them, to act as a sounding board, to offer a friendly ear and to help them make the most difficult decisions, why would they ever leave?

today’s to-do:

in what ways do you demonstrate you are caring and proactive to your clients? are there any improvements you can make to ensure that your clients feel fully supported at all times by you and your team?

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today’s bissett bullet: “what is your linkedin connection strategy? do you have one?”

by martin bissett

a vast number of connections on your linkedin profile page may look impressive but there is a compelling argument for knowing at least the vast majority of your linkedin contacts personally.

there will of course be people connected to you that you have never met in person. you may have worked with them remotely, may have presented with them on a virtual panel or you may have engaged with their content and identified them as somebody with whom you could build a mutually beneficial relationship; but there is a genuine connection there.

your linkedin network is a potentially valuable referral source and time spent nurturing those relationships is time well spent. the better the relationship you have with your connections, the more likely they are to champion your firm when someone in their network is in need of a recommendation.

today’s to-do:

take a look at your strategy moving forward. start to be more selective about who you connect with and prioritize people you know, would like to work with or who can introduce you to your ideal clients.

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today’s bissett bullet: “identifying an ideal client and sharing a definition of that ideal client internally is only worthwhile if it is consistent with and supported by your marketing.”

by martin bissett

your firm’s messaging must speak to the needs of your ideal client, do so in their language and demonstrate exactly why you are best placed to help them.

without educating the general market as to what you offer and how you have helped similar businesses – communicating that through social media posting, the firm’s website or other means of advertising – you are relying purely on the market’s perception of an accounting firm to dictate whether they reach out to you or not.

today’s to-do:

ask a friend or family member to look at your website and social media. ask them based on what they see there, what it is that they think you do for your clients. if they get it right, your messaging is on the money. if they don’t, the assumptions that they made are likely to be the same ones that your prospective clients are making.

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